A股闯关未果再冲港股IPO，SKG上市前夕突击分红近2亿元

Core Viewpoint - The company SKG is attempting to capitalize on the wearable health technology market, but faces significant challenges in revenue growth, profitability, and financial management as it prepares for its IPO in Hong Kong [1][12]. Group 1: Market Position and Growth Potential - SKG is the leading company in China's smart soothing wearable device industry, with a projected market share of 21.5% in 2024 [1]. - The global wearable health device market is expected to grow at a compound annual growth rate (CAGR) of 13.8%, reaching $79.5 billion by 2029, while the Chinese market is projected to reach 61.5 billion yuan in 2024, expanding at a CAGR of 15.9% [2]. Group 2: Financial Performance - SKG's revenue from 2022 to 2024 is reported as 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan, indicating a slight decline in 2024 despite industry growth [2]. - The adjusted net profit decreased from 137 million yuan in 2022 to 123 million yuan in 2023, a drop of 10.2%, with a slight recovery to 126 million yuan in 2024, primarily due to cost-cutting measures rather than revenue growth [2][3]. Group 3: Profit Distribution and Debt Management - SKG has distributed a total of 280 million yuan in cash dividends from 2022 to 2024, with a dividend payout ratio of 57.3%, including an aggressive payout of 199.4% of net profit in the first three quarters of 2025 [4]. - The company's interest-bearing bank loans increased from 70.17 million yuan at the end of 2022 to 180 million yuan by September 2025, indicating a growing reliance on debt for operational funding [5]. Group 4: Product Structure and Innovation - SKG's revenue is heavily reliant on a single product category, the neck massager, which accounted for over 50% of total revenue from 2022 to 2024, with minimal growth observed [8]. - The company's research and development (R&D) expenses have decreased from 82.16 million yuan in 2022 to 79.18 million yuan in 2024, with the R&D expense ratio declining from 9.1% to 7.6% during the same period [9][10]. Group 5: Sales Model and Brand Reputation - SKG's sales model is primarily distributor-driven, which has led to challenges in channel management and brand reputation, with over 500 complaints related to product quality and safety issues reported [11]. - The company's marketing expenses have significantly outpaced R&D spending, raising concerns about the sustainability of its growth strategy [10].